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Working Paper No. 1039Can the Philippines Attain 6.5-8 Percent Growth During 2023–28?
February 02, 2024 We expand the standard balance-of-payments–constrained (BOPC) growth rate model in three directions. First, we take into account the separate contributions of exports in goods, exports in services, overseas remittances, and...more Publication -
Working Paper No. 1041
Amazon Green Recovery and Labor Market in Brazil
February 02, 2024 Announced in June 2021, the never-implemented Green Recovery Plan for the Brazilian Legal Amazon Region (GRP) would be a green transition initiative to be carried out by the state governments...more Publication -
Working Paper No. 1038
Economic Possibilities for Our Grandchildren—90 Years Later
January 29, 2024 This paper revisits Keynes’s (1930) essay titled “The economic possibilities for our grandchildren.” We discuss the three broader trends identified by Keynes that he expected would come to characterize the...more Publication -
Working Paper No. 1037
Markups, Profit Shares, and Cost-Push-Profit-Led Inflation
January 10, 2024 The post-pandemic surge in inflation was accompanied by a surge in the corporate share of profits. As a result, several economists and policy makers have given to it names such...more Publication -
Working Paper No. 1036
The Estimation of Production Functions with Monetary Values
January 05, 2024 For decades, the literature on the estimation of production functions has focused on the elimination of endogeneity biases through different estimation procedures to obtain the correct factor elasticities and other...more Publication -
Working Paper No. 1035
The Swedish Monetary System from a Balance Sheet Perspective
January 04, 2024 In this paper, we discuss the balance sheet mechanics of the Swedish government. We examine spending, government bond purchases, and tax payments. As long as the Swedish central bank, which...more Publication -
Event31st Annual Levy Economics Institute Conference
The 31st Annual Levy Economics Institute Conference was a one-day, virtual event organized around the topics of Economic Prospects for the US Economy, The Revival of Industrial Policy, Causes and Measurement of Inequality, and Aging and Public Policy: Debunking Myths, Providing Solutions. Event -
One-Pager No. 71Has the Time Arrived for a Job Guarantee in Europe?
December 14, 2023 In comparison to the policy responses in the aftermath of the 2008–9 global financial crisis, the reactions of EU policymakers to the combined shocks of the COVID-19 crisis and Ukraine-Russia...more Publication -
Working Paper No. 1034
Euro Interest Rate Swap Yields: A GARCH Analysis
December 08, 2023 This paper models the month-over-month change in euro-denominated (EUR) long-term interest rate swap yields. It shows that the change in the short-term interest rate has an economically and statistically significant...more Publication -
Working Paper No. 1033
The Impact of Climate Change on the Palestinian Sectoral Reallocation of Labor
November 20, 2023 The research leverages yearly variations in climate variables, such as rainfall and temperature, across the West Bank from 1999 to 2018 to assess their influence on individuals' decisions to stay...more Publication -
Working Paper No. 1032
Applying OECD Policy Evaluation Criteria to Child Protection Schemes in India
October 16, 2023 The policy evaluation is a crucial component in analyzing the efficacy of public spending in translating the money spent into desired outcomes. Using OECD evaluation criteria, we analyzed the child...more Publication -
Working Paper No. 1031
A Stock-Flow Ecological Model from a Latin American Perspective
October 09, 2023 This study aims to develop an ecological stock-flow consistent (SFC) model based on the Latin American–stylized facts regarding economic, financial, and environmental features. We combine the macro-financial theoretical framework by...more Publication -
Working Paper No. 1030
Economic Transformation and Growth in the Philippines
October 09, 2023 The main gateway for the Philippines to develop and become an upper-middle-income economy—and eventually, a high-income economy—is to expedite the shift of workers out of agriculture and to produce and...more Publication -
Working Paper No. 1029
Is Anything Left of the Debate about the Sources of Growth in East Asia Thirty Years Later?
September 07, 2023 The year 2023 commemorates the 30th anniversary of the publication of the influential, yet controversial, study The East Asian Miracle report by the World Bank (1993). An important part of...more Publication -
Policy Note No. 2023/4Effects of Forced Formalization (Demonetization) in the Indian Economy
August 23, 2023 Nischal Dhungel examines the impact of India’s demonetization experiment—an effort at “forced formalization” of the economy. He urges a more organic approach to formalization, pairing efforts to bring the unbanked...more Publication -
Working Paper No. 1028
Contractionary Effects of Foreign Price Shocks (and Potentially Expansionary Effects of Inflation)
August 21, 2023 Using the model proposed in Krugman and Taylor’s “Contractionary effects of devaluation” (1978), we examine the macroeconomic effects of shocks to foreign prices. We show that these shocks can be...more Publication -
Working Paper No. 1027
Structural Change and Gender Sectoral Segregation in Sub-Saharan Africa
August 07, 2023 Structural change has long been at the core of economic development debates. However, the gender implications of structural change are still largely unexplored. This paper helps to fill this gap...more Publication -
Working Paper No. 1026
Banking Sector, Distributive Conflict, and Monetary Theory of Distribution
August 01, 2023 This paper analyzes the implications of distributional contrast for the monetary theory of distribution. The first step is to try to introduce the banking sector within Pivetti's monetary distribution theory...more Publication -
Working Paper No. 1025
Unconventional Monetary Policy or Automatic Stabilizers?
August 01, 2023 The purpose of public policy, expansionary or contractionary, is to encourage the expansion of income, output, and employment. Theory decides the nature and kind of policy, and the underlying mechanics...more Publication -
Working Paper No. 1024
When Minsky and Godley Met Structuralism
July 26, 2023 Underdevelopment is often conceived as being reproduced domestically. This paper emphasizes the international forces that enable the persistence of underdevelopment. We first explore how the currency hierarchy imposes a dependency...more Publication -
Policy Note No. 2023/3
In Defense of Low Interest Rates
July 24, 2023 In recalling John Maynard Keynes’s revolutionary theory of interest, reviewing the doctrines Keynes sought to overthrow, and analyzing the structural transformations of the US economy, James K. Galbraith maintains there...more Publication
